Sixth initial public offering two months behind schedule

07 Jan 2019 2054 | Business & Trade Fairs

ASA Plc’s initial public offering is two months behind schedule, with a company representative saying there is still some work to be done before it can list on the local stock market.

The company’s IPO could raise $89.6 million for 25 percent its stake. The process may be shorter than usual IPO exercises since ASA is already considered a public company with 10,000 shareholders.

ASA’s shareholders are mostly employees of Acleda Bank, with ASA holding 25 percent of the bank’s shares.

Neth Piseth, chairman of the board of directors of ASA, told Khmer Times that the company is now working with the regulators to comply with all the requirements needed to proceed with the IPO.

“We are now working with regulators and will soon have more news,” said Mr Piseth.

Kim Sophanita, director of the Cambodian Securities Exchange (CSX)’s market operations department, said the local bourse is looking forward to ASA’s listing.

“As far as we know, their listing application is still under review by the Security Exchange Commission of Cambodia (SECC). CSX is ready for the listing of ASA as soon as it is approved.”

Ms Sophanita explained there has been a significant increase in trading activity at CSX, and said that ASA’s presence will further help to generate excitement for the nascent local bourse.